Ethereum Price Dips Below $2,000 Amid Geopolitical Tensions and ETF Outflows

Ethereum (ETH) has suffered a significant decline in recent days, with its price dropping below the $2,000 mark. This move comes on the back of a 5% loss in the last 24 hours and a 6% decline on the week.

The drop is attributed to a combination of factors, including geopolitical tensions and dwindling demand for ETH from spot ETFs. The latter has seen seven consecutive days of net outflows totaling $392 million, with institutional interest stalling.

Data from Capriole Investments shows apparent demand for ETH has been negative since early March, hitting a 16-month low. This suggests that investors are selling or staying on the sidelines, rather than buying into the cryptocurrency.